Rising Industrial Robot Demand Fuels Market Growth: A Key Driver Transforming the Automation Components Market 2024

The automation components report describes and explains the automation components market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global automation components market reached a value of nearly $145.95 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.40% since 2018. The market is expected to grow from $145.95 billion in 2023 to $245.93 billion in 2028 at a rate of 11.00%. The market is then expected to grow at a CAGR of 11.50% from 2028 and reach $423.82 billion in 2033.

What strategies are being adopted by key players in the automation components market?
The key players in the market are adopting extensive strategies in the automation components market such as:
• Drive business expansion through new product launches
• Introduce innovative products to capture market growth

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To take advantage of opportunities, The Business Research Company suggests that automation components companies enhance offerings:
• Establish new manufacturing plants
• Integrate Generative AI capabilities
• Launch innovative automation products
• Form strategic partnerships to combine resources and drive innovation

What Is Automation Components: Market Definition?

Automation components refer to a wide range of mechanical and electromechanical parts that are integral to automating industrial processes, machinery and systems. These components are essential in industries that seek to improve operational efficiency, productivity and precision by reducing the reliance on manual intervention.

The production of automation components typically involves precision manufacturing processes such as machining, casting and forging, along with the use of specialized materials like high-strength steel, alloys and polymers to ensure durability and performance. These components are distributed through a variety of channels, including direct sales by manufacturers, industrial supply chains, distributors and online marketplaces. Distribution may involve bulk purchasing by large industrial clients or smaller quantities for maintenance and system upgrades. The sale and distribution of automation components are often accompanied by technical support services to assist with installation, configuration and troubleshooting.

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Who Are The Major Companies Operating In The Global Automation Components Market?

The top ten competitors in the market made up to 22.73% of the total market in 2023. The market fragmentation can be attributed to the presence of small players in different geographies. Rockwell Automation, Inc. was the largest competitor with a 5.65% share of the market, followed by:
• Siemens AGAB SKF.
• Schneider Electric SE.
• Bosch.
• Parker Hannifin Corporation.
• Emerson Electric Co.
• Regal Rexnord Corporation/
• ABB Ltd.
• Yaskawa Electric Corp.

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